Italy’s watchdog, the National Commission for Companies and the Stock Exchange (CONSOB) warned against the company I.S. Signal Trader Limited, which provides automated signals for mirror trading in forex, indices and commodities.
According to CONSOB, Signal Trader, with declared headquarters in Cyprus, is not authorised to provide investment or other services in Italy in any way, including through the website www.signaltrader.com.
As per its website, Signal Trader provides an auto-execution mirroring system that allows clients to duplicate the traders of proprietary traders, based on signals generated by them. It also provides a range of money management options to control level of risk.
It offers a range of various trading signals systems and displays a list of partner brokers, including majors like FXCM, Forex.com, FxPro and AvaTrade.
Signal Trader, however, does not provide any contact details, besides a live chat option and a contact form. There is no regulatory information either.
According to posts in some trader forums, Signal Trader shows fake results from trading with their signals, manipulate figures, do not set stop loss on the trades and remove signals without warning. Other warn traders to be extremely careful or altogether don’t use Signal Trader.